A 20-STOREY office building at 61 Robinson Road that is nearing the completion of a revamp, is changing hands at S$422 million.
A fund managed by ARA Private Funds, part of ARA Asset Management, is selling the property, previously known as Robinson Centre and now known as 61 Robinson.
The buyer is a fund managed by home-grown private-equity fund management group Rivulets Investments, which was set up only in March 2018.
The price works out to S$2,973 per square foot based on the building’s post-refurbishment net lettable area (NLA) of 141,958 sq ft. Prior to the revamp, the NLA was 133,221 sq ft.
There is potential to further raise the NLA by 4,200-plus sq ft to 146,174 sq ft, primarily when multiple units on the same floor are reconfigured as a single unit. Based on this higher NLA figure, the transacted price would translate to S$2,887 psf.
source: The Business Times